Friday Free-for-all!

It’s the end of another work week and the start of another month! Hope you paid your rent and your mortgage bills and still have money in the bank.

The month of May wrapped up with higher than normal listings and lower than normal sales. We’ll have to wait to see what the official word is, but it sounds like we may see a bit of softening in some detached prices and little bump up in condo prices.

Let’s do our regular end of the week news round-up and open topic discussion thread for the weekend! Here are a few recent links to kick off the chat:

MOI 6.66, the MOI of the beast
Inventory graph back into record high
Teranet sales pair dries up
Will bloggers ruin the perfect market?
Okanagon sees huge foreclosure spike
How much is your commute?
Building jobs boom
Van Commercial RE booms
RBC: Ownership costs climbing
Rising prices means confidence for Toronto

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!

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[…] “OK here’s my confession: Bought a house in 2003. around $400K in the East side. Sold in 2005 due to personal reasons, for around $600K. Thought I did great. Thought I will wait out the house market because it is too overvalued. Still waiting. Now that same house is probably valued around $1.1-1.2M. I still believe it will crash, been following this blog and others for ages. But so far no luck. Been waiting 7 years. Very tough with all the friends and family saying I’m stupid. However, renting a beautiful house on the west side in a neighbourhood I could never afford to buy in, so life is good overall. Actually living in a house nicer than all my friends and family for the monthly cost of a mortgage on a crack shack in east van. So not… Read more »
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[…] “Talking to a colleague. Her and her brother were looking at places in my neighborhood last night. He sold his place in the sticks and is now looking to move closer to the city. I asked her why doesn’t he just rent, “he feels that interest rates are going to rise and he wants to lock in a low rate.” Wouldn’t it better to sock away the money and wait for rates to rise, values to decrease and then buy, I asked. “Over the long term real estate never goes down besides there is so much money coming over here.” The rent for my one bedroom is $1,550 and similar apartments are listed for $490k. meaning it would cost me almost $3,000 a month to own a comparable apt. — based on 5% down with a 5-year fixed at… Read more »
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[…] sales on the West Side and Richmond of late maybe speculators are the only ones buying.” – Anonymous at VCI 2 Jun 2012 7:25am […]

Yah
Guest
Yah

@Selma Bouvier: you probably entered an email address that uses that avatar at gravatar. I’m guessing I you didn’t set that up you probably entered someone else’s email address : D

hu yu fullin
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hu yu fullin

in toronto if you go shopping you get murdered fairly regularly

pop
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pop

well if Chrisy that desperate she can go very low

Jake
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Jake

Shame, nothing but shame. How low one can go?

‘In my heart, I am Filipina,’ says Christy Clark at Vancouver’s Philippine Independence Day celebration”

http://www.theprovince.com/touch/entertainment/story.html?id=6723725

Selma Bouvier
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Selma Bouvier

I’m guessing this has already been posted here before (probably ad nauseum):

http://www.youtube.com/watch?v=bNmcf4Y3lGM

Anonymous
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Anonymous

@Anonymous: …..It didn’t say he borrowed the full 100K. He could have put money down…..

Ya, probably 5% down with 5% cash-back. Awesome!

Selma Bouvier
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Selma Bouvier

@Anonymous:

You’re right, it may not have been a $100k loan. Language comprehension is not my friend today.

Can anyone tell me how I ended up with a avatar with two gerbils/mice/chihuahuas kissing? I didn’t enter it myself and just started posting here.

Anonymous
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Anonymous

@Selma Bouvier: “Sooo…just to recap. You can run two businesses into the ground and still get a $100k loan on a non revenue generating boat?!? WTF?”

It said he took a loan on a boat worth 100K. It didn’t say he borrowed the full 100K. He could have put money down.

Finally
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Finally

and so it has begun, pop. Friends are still in denial, scared because they purchased last year and don’t want to believe they are about to lose all their equity in the next year. They paid 1 mill for a 25×100 lot house in vancouver main area, they had 30% down so they can afford the downturn. But who really wants to realize it. I can’t wait to buy in the same area, with a bigger lot and nicer house for 1/2 the price. Btw, I personally sold a few months ago, now renting for cheaper than my mortgage. New place is double the size, nicer area, yard, and so on. Loving it, im going to buy some popcorn and watch the crash!

Firkin
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Firkin

@Selma Bouvier: I’m sure they explained to the bank that the boat was being used to smuggle drugs and therefore a sound investment.

pop
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pop

expect guberment to sent tanks in Montreal. paper spraying does not work with frenchies like it did for vancouverites.

Selma Bouvier
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Selma Bouvier

@Selma Bouvier: Correction, it was a revenue generating boat, lol. Just illegal revenue.

Selma Bouvier
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Selma Bouvier

@kabloona:

From the Keremeos couple article:

“Property records registered in May 2011 show Robert and Cindy Stanley took a loan from HSBC Bank Canada on a 2005 Hunter 33 yacht, which is a model worth about $100,000.

Court records show HSBC Bank Canada entered a B.C. Supreme Court civil foreclosure case against Robert and Cindy Lou Stanley on March 30, 2012.”

Sooo…just to recap. You can run two businesses into the ground and still get a $100k loan on a non revenue generating boat?!? WTF? And Mark Carney laments the debt levels of Canadians?! Is it any wonder when credit is this easy to come by?

hu yu fullin
Guest
hu yu fullin

in toronto if you go shopping you get murdered on fairly regular occasions.

Anonymous
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Anonymous
Bally
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Bally

@Anonymous:

If the Chinese owners don’t sell ever then they have zero effect on the market price which will be set by the owners willing to sell. Therefore, far from being a good thing for people wishing house prices to stay high and go higher, Chinese owners are terrible for you. Those flightly non-Chinese owners will be ditching their properties at any old price and accelerating the downturn!

McLovin
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McLovin

#163 – Romeo Jordan please stop using my handle.

Your Mom is calling you she says its time to go to bed. Her little soldier has a big day tomorrow.

Best place on meth
Member
Best place on meth

@Makaya:

No, Canada is not a safe place to visit or study.

People actually get murdered here from time to time which is clearly not the case in China where murders were abolished by the government 10 years ago.

It seems to have worked as there hasn’t been a murder in China since then.

Anonymous
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Anonymous

@Makaya:

The USA also warned travelers to Montreal about a month ago.

Makaya
Member
Makaya

China warns travellers to Canada after killing of student

The Chinese Embassy in Ottawa has warned citizens living or travelling in Canada to “strengthen their personal security” after the gruesome killing and dismemberment of a Chinese student living in Montreal.

The warning was posted to the Embassy’s website in Chinese on Friday, but left out of its English and French statements on the homicide. It comes amid growing discussion in China of whether Canada remains a safe place to travel and study.

Oh my…

Anonymous
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Anonymous

@patriotz: just have to ask the loser who left town!

Anonymous
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Anonymous

@McLovin: peabrains or tofu brains or housewives of van read garth’s.